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Becton Labs, Incorporated, produces various chemical compounds for industrial use, One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: During November, the following activity was recorded related to the production of Fludex: a. Materials purchased, 10,500 cunces at a cost of $216.825. b. There was no beginning inventory of materials, however, at the end of the month, 2,600 ounces of material remained in ending inventory. c. The company employs 20 lab technicuans to work on the production of Fludex. During Norember, they each worked an average of 180 hours at an average pay tate of 514.00 per hour. d. Varable manufacturing oremead is assigned to Fludex on the basis of direct labor-hours. Variable manufacturing overhead costs during Novernber totaled $7,000. e. Durina November, the companv produced 3.700 units of Fludex. Required: 1. For direct materials: a. Compute the price and quantity variances b. The matecials were purchased from a new supplier who is arwous to enter into a long-term purchase contract. Would you recommend that the company sign the contract? YES or NO 2. For direct labor a. Combute the rate and efficiency variances. b. In the past, the 20 techncians employed in the production of Fludex consisted of 8 senior technicians and 12 assistants. During November, the company experimented With fewer senjor technicians and more assistants in order to reduce labor costs. Would you recommend that the now labor mix be continued? YES or NO 3. Comoute the variable oremead rote and etticiency variances